Anadarko has also built up its operations in the Permian-Delaware basin, having completed its first six Wolfcamp wells in Ward and Loving counties in West Texas.

“The idea is that this is going to be the next big area that attracts capital,” said James Sullivan, an analyst with Alembic, noting that Anadarko is moving capital away from the Marcellus Shale to the Texas side of the Wolfcamp play in the Delaware basin.

Some shale experts believe the Wolfcamp could become as prolific as the Eagle Ford, although the associated drilling costs are higher, Sullivan said, adding that Anadarko’s lack of specificity on its drilling activity for the six wells could be driven by its future plans for more land purchases.

“They didn’t want to give more information on Wolfcamp in the call,” Sullivan said. “They are just trying to keep information very general right now – they didn’t talk about where they drilled there, because they may want to do more leasing.”

Anadarko also stands to benefit from a property swap with Noble Energy in the Wattenberg basin in Colorado. In the deal announced Oct. 23 , the parties will exchange 50,000 net acres each in different parts of the Wattenberg. The exchange will allow Anadarko to develop further its core area there , and will increase its daily production by 8,000 barrels per day, the company estimates.

Under the terms of the deal, expected to close early next year, Anadarko will retain mineral rights for 21,000 of the acres it trade to Noble Energy.